{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

USU-Intro To MacroEcon - Assignment 2

USU-Intro To MacroEcon - Assignment 2 - Assignment 2...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Assignment 2 D Question 1 (1 point) Consumer sovereignty refers to 1. the idea that the desires of both producers and the government ultimately decide what is produced. 2. the idea that consumers try to maximize their expenditures. 3. the idea that consumers ultimately determine what is produced. 4. a situation in which the government decides what is produced. 5. the fact that consumers' choices are limited to what the producers decide to produce. Question 2 (1 point) Competitive firms produce in the manner that _________ costs and __________ profits. 1. maximizes, minimizes 2. maximizes, maximizes 3. minimizes, minimizes 4. minimizes, maximizes 5. eliminates, maximizes Question 3 (1 point) In economics, the invisible hand is not 1. the self-interest that drives firms to provide what consumers want to buy. 2. government intervention in the economy. 3. what leads consumers to use their limited incomes to buy the goods and services that give them the most satisfaction. 4. a term attributed to Adam Smith. 5. what induces resource owners to supply resource services where they are most highly valued. Question 4 (1 point) When economists refer to the public sector, they refer to 1. the firms. 2. the public universities. 3. the political parties. 4. the government. 5. the households. Question 5 (1 point) Spending by which sector is the largest component of spending in the economy? 1. Sole proprietors 2. Investors 3. Firms
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
4. Government 5. Households Question 6 (1 point) The three basic types of businesses in the United States are 1. enterprises, partnerships, and corporations.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern